Global In-vitro Diagnostics (IVD) Market Dynamics,
Regional analysis, Key Developments forecast 2024
Diagnostic tools account for considerable share of global healthcare revenue. Its reach ranges
from hospitals and clinics to that in research centers. As such, In Vitro Diagnostic (IVD) market
share has witnessed increase in recent past, further highlighted its key role in the healthcare
industry. IVD has led to cut down in hospital staying costs along with faster diagnosis results.
According to the U.S. FDA, in-vitro diagnostic products are those reagents, instruments, and
systems intended for use in diagnosis of disease or other conditions, including determination of
the state of health, in order to cure, mitigate, treat, or prevent disease or its sequela. Such
products are intended for use in the collection, preparation, and examination of specimens
taken from the human body.
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Over the last decade, the In vitro diagnostics (IVD) market has witnessed substantial growth.
However, the growth trajectory witnessed declining motion between 2008 and 2012. The effect
was prolonged to 2014 in Europe. Economic downturn in Europe coupled with low healthcare
expenditure are factors responsible for marginal demand in IVD. However, as the healthcare
growth trajectory is on growth path post-2015, especially in Asia Pacific, the In vitro
diagnostics (IVD) market is expected to re-bounce to higher growth trajectory. Also, growing
point of care solution is expected to boost the molecular diagnostics, in turn driving growth of
the market worldwide.
Market Dynamics
Rapid strides made in technology and inclination of healthcare providers towards expanding
their product portfolio is fueling growth of this highly lucrative market, especially in emerging
economies, which are largely untapped. Furthermore, rise in prevalence of infectious disease
globally, especially in Asia Pacific would inadvertently support market growth in the near
future. Major organizations in the in vitro diagnostic market are actively focusing on